Needham & Company LLC initiated coverage on shares of Semtech (NASDAQ:SMTC) in a report released on Monday, The Fly reports. The brokerage set a “buy” rating and a $42.00 price target on the semiconductor company’s stock. Needham & Company LLC’s price objective indicates a potential upside of 25.56% from the company’s previous close.

The analysts wrote, “Effective December 11, we are initiating coverage of Semtech with a Buy rating and establishing a 12-month PT of $42, based on a 17x multiple of expected CY19 NG EPS. Semtech is a leading supplier of analog/mixed- signal semiconductor solutions focused on signal integrity, circuit protection, wireless and sensing and power management applications. We forecast revenue will grow at an 8%+ CAGR and NG EPS at a 21%+ CAGR from FY17 through FY20 driven by growing adoption of the company’s LoRa transceivers for long-range IoT networks, strong growth in the company’s ClearEdge CDR and FiberEdge PMD ICs for data center optical modules and the increasing requirement for discrete circuit protection devices. We encourage investors to use weakness following the company’s F3Q18 earnings report as an opportunity to accumulate shares.””

SMTC has been the topic of a number of other research reports. B. Riley restated a “buy” rating and set a $46.00 price target (down previously from $48.00) on shares of Semtech in a research note on Monday, November 27th. Zacks Investment Research lowered Semtech from a “hold” rating to a “sell” rating in a research note on Tuesday, December 5th. Oppenheimer restated a “buy” rating and set a $42.00 price target on shares of Semtech in a research note on Sunday, November 19th. Drexel Hamilton restated a “buy” rating and set a $45.00 price target on shares of Semtech in a research note on Thursday, November 30th. Finally, BWS Financial assumed coverage on Semtech in a research note on Monday, November 20th. They set a “buy” rating and a $49.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the stock. Semtech currently has a consensus rating of “Buy” and an average price target of $43.13.

Semtech (NASDAQ SMTC) traded down $0.55 on Monday, reaching $33.45. The company’s stock had a trading volume of 606,810 shares, compared to its average volume of 485,198. Semtech has a 52 week low of $30.60 and a 52 week high of $41.95. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.80 and a quick ratio of 3.20. The stock has a market capitalization of $2,260.00, a price-to-earnings ratio of 29.31, a PEG ratio of 5.62 and a beta of 1.41.

Semtech (NASDAQ:SMTC) last posted its earnings results on Wednesday, November 29th. The semiconductor company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.04. Semtech had a return on equity of 12.13% and a net margin of 7.79%. The company had revenue of $156.60 million for the quarter, compared to analyst estimates of $155.69 million. During the same quarter in the previous year, the firm earned $0.37 earnings per share. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. research analysts predict that Semtech will post 1.21 earnings per share for the current fiscal year.

In related news, SVP Asaf Silberstein sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $40.72, for a total value of $40,720.00. Following the sale, the senior vice president now owns 28,900 shares in the company, valued at $1,176,808. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Mohan Maheswaran sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $35.64, for a total value of $89,100.00. Following the completion of the sale, the insider now owns 220,372 shares in the company, valued at approximately $7,854,058.08. The disclosure for this sale can be found here. In the last quarter, insiders sold 52,723 shares of company stock worth $2,060,117. 2.20% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Strs Ohio boosted its position in Semtech by 22.2% in the second quarter. Strs Ohio now owns 3,300 shares of the semiconductor company’s stock valued at $117,000 after buying an additional 600 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Semtech by 2.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,364 shares of the semiconductor company’s stock valued at $120,000 after buying an additional 65 shares during the last quarter. Quantbot Technologies LP purchased a new stake in Semtech in the third quarter valued at approximately $133,000. Victory Capital Management Inc. boosted its position in Semtech by 17.7% in the second quarter. Victory Capital Management Inc. now owns 4,773 shares of the semiconductor company’s stock valued at $171,000 after buying an additional 717 shares during the last quarter. Finally, Riverhead Capital Management LLC boosted its position in Semtech by 65.5% in the second quarter. Riverhead Capital Management LLC now owns 5,130 shares of the semiconductor company’s stock valued at $183,000 after buying an additional 2,030 shares during the last quarter. Hedge funds and other institutional investors own 94.00% of the company’s stock.

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Semtech Company Profile

Semtech Corporation is a supplier of analog and mixed-signal semiconductor products. The Company designs, develops and markets a range of products for commercial applications, which are sold into the enterprise computing, communications, consumer and industrial end-markets. Its product lines include Signal Integrity, Protection, Wireless and Sensing, and Power and High-Reliability.

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